New Property Agent Scheme in Queensland
The new regime is comprised of the following key pieces of legislation:
- Property Occupations Act 2014 (Qld)
- Motor Dealers and Chattel Auctioneers Act 2014 (Qld)
- Debt Collectors (Field Agents and Collection Agents) Act 2014 (Qld);
- Agents Financial Administration Act 2014 (Qld);
- Land Sales and Other Legislation Amendment Act 2014 (Qld)
WHEN WILL THE NEW SCHEME TAKE EFFECT?
The Attorney-General has announced that the new regime will take effect from 1 December 2014.
The acts contain transitional provisions.
WHAT IS THE PURPOSE OF THE NEW SCHEME?
The purported objective of the scheme is to simplify the regulatory requirements for property agents, motor dealers, auctioneers and debt collectors & process servers (commercial agents), with each class receiving an industry specific law.
WHAT IS THE EFFECT OF THE NEW SCHEME FOR PROPERTY AGENTS?
Those in property occupations will be covered by the Property Occupations Act 2014 (Qld), which will simplify the number and type of license required.
Rules regarding the display of licenses have also been simplified.
Buyers will be able to waive or reduce the cooling off period without a lawyer’s certificate.
Perhaps most importantly for property agents, the cap on sales commission has been lifted. Agents will be able to negotiate any commission with their clients and will not have to disclose to a buyer how much commission they will receive.
HAVE THE OLD FORMS AND WARNING STATEMENTS CHANGED?
Yes – from 1 December new forms will be used for property transactions.
Those forms are available from the Office of Fair Trading.
There will be no need for sellers (or agents) to attach a separate warning statement to a residential contract, however, they must include a prescribed statement in the contract itself.
WHAT SHOULD I DO IF I HAVE ANY QUESTIONS?
Whether you are a buyer, a seller or an agent, the Ballantyne Law Group is well suited to assist you in your conveyancing and other property law requirements.